Site News  |   Monitor Keywords  |   Monitor Archive  |   Organizer  |   Account Info  |

Spend diagnostics and lead management

Spend diagnostics and lead management description/claims

1. Field of the Invention

This invention generally relates to a system and method for developing spend diagnostics for card members and for developing and maintaining a lead management tool for a card member company.

2. Related Art

Card issuer companies increase their revenues when card members increase their spending. Benefits from using the card, e.g., reward points and the like, are one way card issuer companies try to entice card members to increase their spending. However, in a slow economic market, its harder to entice a card member to increase their spending.

Currently, many card issuer companies perform only incoming customer service functions, including receiving of communications from card members. In some instances, data from these communications is compiled and stored in one or more databases or other storage systems. However, the card member companies cannot effectively compile enough data to determine if a card member is using their spending capacity and/or utilizing the benefits of being a card member through only doing data compilation of incoming communications. This is because with such limited data, many of the card issuer companies lack the tools and technology to perform adequate spend diagnostics regarding current card members. The card issuing companies also typically lack any tools that would allow effective and efficient management of their communications with the card members, e.g. historical and/or individual data on each card member. Thus, during communications with the card members, because of the lack of specific information the card issuer companies cannot know if they should or could entice the card members to increase their spending or change their spending habits. Thus, because of the lack of technology or tools, most of the card member companies do not adequately and efficiently communicate with their card members, allowing their card members to remain ignorant of the full utilization of their transaction cards and spend capacity.

Given the foregoing, what is needed is a system and a method for optimizing utilization of a transaction card.

An embodiment of the present invention is directed to a method and system of optimizing utilization of a transaction card. This includes generating a first data set based on data stored in a database representing industries of card members. Generating a second data set representing an average amount charged to a transaction account by the card members in each respective one of the industries based on the first data set. Comparing the average amount charged from the first generating step to an actual amount charged by each individual one of the card members in a respective one of the industries. Communicating a result of the comparison to the card members. Receiving data from the card members based on their receiving of the comparison result. Storing the received data in the database or a lead management device, such that the database or tool is updated.

Another embodiment of the present invention is directed to lead management of card member information. This includes establishing data files for each respective card member. Propagating demographic information into corresponding ones of the data files. Determining spend diagnostics of each of the card members compared to average benchmarks of related ones of the card members in each industry or revenue category. Propagating results of the spend diagnostics into the data files. Generating contact scheduling entries in the data files. Conducting outgoing and incoming data compilation based on the scheduling entry. Updating the data files based on the previous step. Optionally, these steps can be periodically or continually repeated.

In a further embodiment of the present invention, there is provided a computer program product comprising a computer useable medium having a computer program logic recorded thereon for controlling at least one processor, the computer program logic comprising computer program code devices that perform operations similar to the devices and methods in the above embodiments.

Further features and advantages of the present invention as well as the structure and operation of various embodiments of the present invention are described in detail below with reference to the accompanying drawings.

The features and advantages of the present invention will become more apparent from the detailed description set forth below when taken in conjunction with the drawings. The left-most digit of a reference number may identify the drawing in which the reference number first appears. Similar reference numbers may indicate similar elements.

FIG. 1 shows a system.

FIG. 2 shows a portion of the system in FIG. 1

FIGS. 3, 4, and 5 show various flowcharts depicting various methods.

FIG. 6 is a block diagram of an exemplary computer system for use with the system and method of this invention.

• Provisional Patent
• Utility Patent

• What Is a Patent?
• What Is a Trademark or Servicemark?
• What Is a Copyright?
• Patent Laws